1. BUSINESS ORGANIZATIONS CHAPTER 3

2. MAIN IDEA: BUSINESSES MAY BE ORGANIZED AS INDIVIDUAL PROPRIETORSHIPS, PARTNERSHIPS, OR CORPORATIONS CHAPTER 3 SECTION 1: FORMS OF BUSINESS ORGANIZATION

3. VOCABULARY Sole proprietorship Proprietorship Unlimited liability Inventory Limited life Partnership Limited partnership Bankruptcy Corporation Charter Stock

4. VOCABULARY CONTINUED Stockholder Shareholder Dividend Bond Principal Interest Double taxation

5. NOTES What are the characteristics and organization of a sole proprietorship? What are the advantages and disadvantages of a partnership? Copy chart (figure 3.3) on page 64

6. ASSIGNMENT TO TURN IN Think of your 5 most favorite places to shop or get service. List those places of business and tell what kind of formal business structure they are: sole proprietorship, partnership, or corporation

7. MAIN IDEA: BUSINESSES MERGE AND INVEST TO PRODUCE MORE. CHAPTER 3 SECTION 2: BUSINESS GROWTH AND EXPANSION

8. VOCABULARY Merger Income statement Net income Depreciation Cash flow Horizontal merger Vertical merger Conglomerate multinational

9. NOTES How can firm generate funds internally to grow and expand? What are 5 reasons that firms merge? What are the different ways business can merge?

10. ASSIGNMENT TO TURN IN Research a recent merger (you may use your personal devices for this assignment) What are the names of the companies that merged? What statistics were provided (if any)? What other information did you learn about the two companies?

11. MAIN IDEA: PRODUCER AND WORKER COOPERATIVES BENEFIT MEMBERS CHAPTER 3 SECTION 3: OTHER ORGANIZATIONS

12. VOCABULARY Non profit organization Cooperative Co-op Credit union Labor union Collective bargaining Professional association Chamber of commerce Better Business Bureau Public utility

13. NOTES What are the purposes of the different types of nonprofit organizations? How is the government directly and indirectly involved as an economic institution?

14. ASSIGNMENT TO TURN IN Think of 4 non-profit organizations Create a chart to include: name of organization, how it began and what its goals are, what does the organization do with its extra money? You may use your electronic device to do research